uniblonder
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Lease contract in an S-Corporation, Partner now deceased..it was my husband's company
Husband was a partner in an S-corp. The lease in the name of the corporation, but only his name is on the lease. He signed as Pres. of the company. He died, left his 50% portion to me. The contract states the lease is binding on his "heirs, distributees, executors, personal representatives, successors and assigns..".
My question is this: Am I now responsible for the lease, as I am his sole heir and executrix? There is another 50% partner in this S-Corp and a buy-sell agreement in place, but currently there is no reasonable offer on the table for my shares. I would like to know if this lease gives me any more bargaining power, since my late husband is the only one who signed it. It is a very, very nice lease with very low rent in a very high rent part of Manhattan.
Furthermore the contract reads: " ...the convenants, agreements and conditions of this lease shall bind and inure to the benefit of the Owner and the Tenant and their respective heirs, distributees, executors, and except where otherwise provided in this lease, their assigns."
Husband was a partner in an S-corp. The lease in the name of the corporation, but only his name is on the lease. He signed as Pres. of the company. He died, left his 50% portion to me. The contract states the lease is binding on his "heirs, distributees, executors, personal representatives, successors and assigns..".
My question is this: Am I now responsible for the lease, as I am his sole heir and executrix? There is another 50% partner in this S-Corp and a buy-sell agreement in place, but currently there is no reasonable offer on the table for my shares. I would like to know if this lease gives me any more bargaining power, since my late husband is the only one who signed it. It is a very, very nice lease with very low rent in a very high rent part of Manhattan.
Furthermore the contract reads: " ...the convenants, agreements and conditions of this lease shall bind and inure to the benefit of the Owner and the Tenant and their respective heirs, distributees, executors, and except where otherwise provided in this lease, their assigns."
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